Bank of England liquidity auctions under investigation by Serious Fraud Office March 4, 2015 The Serious Fraud Office (SFO) is investigating the Bank of England's (BoE) money-market auctions in late 2007 and early 2008 for possible fraud. The Bank said it had referred information relevant to the auctions to the SFO in November. This is the first time the Bank's auctions has been put under investigation by the SFO. [...]
Euro edges closer to $1.10 mark as investors await more details on quantitative easing March 4, 2015 The euro edged closer towards the $1.10 psychological barrier in early afternoon trading, falling 0.8 per cent to $1.1086 as investors awaited further details of the European Central Bank's (EBC) €1.2 trillion (£870bn) quantitative easing programme. The currency crashed through its previous 11-year low of $1.1098, which it hit in earlier this year. ECB chief [...]
More Londoners will be affected by EU bonus cap under new rules March 4, 2015 More people working in the UK's financial services sector will have their bonuses capped, under new draft guidelines released today by the European Banking Authority (EBA). Last year, the financial watchdog put into force a limit on bonuses among bankers across the EU's 28 member states, stipulating that they could be no greater than twice [...]
Ford’s European chief Jim Farley says UK is better off without a Brexit March 4, 2015 Car manufacturing behemoth Ford has thrown its weight behind the campaign to keep the UK in the European Union. Jim Farley, the president of Ford’s European operation, said the company “really hopes” the UK remains part of the EU. He called the UK’s continued membership “critical”. During his slot on Radio 4's Today programme, Farley underlined [...]
Cold snaps cost the economy £2.5bn, says Cebr research on UK weather’s impact March 4, 2015 Freezing temperatures are not just bad for your bones, but cost the UK billions of pounds in lost productivity and output having the most severe impact on the economy than any other type of weather. Just a single degree drop in the minimum average temperature costs the UK economy £2.5bn, and has a worse effect [...]
In charts: Eurozone service sector showing “clear signs of recovery” with France’s growth the fastest in 42 months March 4, 2015 Amid the fear and doubt surrounding the future of the Eurozone, business growth in the economic bloc has reached a seven-month high. The figures With any reading above 50 indicating growth, the Markit purchasing managers’ index score was 53.7 for February, which, although lower than the 53.9 given in a flash estimate last month, is [...]
Vienna tops list of cities for highest quality of life as London drops down March 4, 2015 If you've had enough of overcrowded tubes, ridiculous rents as well as overpriced bars and restaurants – and have always wanted to work in another country – then these are the cities you should be setting your sights on. Vienna's quaint coffee shops, meandering bike paths and majestic architecture propelled it to the top spot of [...]
London cost of living rises but quality decays: Singapore ranked world’s most expensive city March 3, 2015 London has become the world’s 11th most expensive city after jumping four places in the Economist Intelligence Unit’s latest survey. However, a separate report ranked the capital just 40th in terms of quality of living. The bi-annual World Cost of Living report, released yesterday, shows that London is now as expensive as Tokyo, Frankfurt and [...]
Bank of England says high frequency trading helps markets March 3, 2015 While Michael Lewis suggested high frequency trading meant markets were "rigged" in his book "Flash Boys", however a research paper by the Bank of England has found such practices actually beneficial. High frequency trading firms use technological tools and computer algorithms to make a number of big, fast trades. Investment position may be held for seconds, [...]
UK construction accelerated further in February March 3, 2015 The UK's construction sector has posted its strongest growth in four months thanks to increases in new orders, signalling a rebound from the 17-month low it hit in December. The Markit/CIPS UK Construction Purchasing Managers' Index was 60.1 in February, up from 59.1 a month ago. This beat economists' expectations of 59, and marked the 22nd [...]